If you own a company or even work for someone else, you have probably wondered what exactly a business lawyer is. In short, a business lawyer is an attorney who focuses his or her practice on issues that affect businesses – such as, but not limited to: taxation, business transactions, intellectual property, and so on.
Helping the business owners to solve problems related to these is a common responsibility of the job, but helping them understand the problems they are facing and forecasting the future of the business is another important aspect as well. Lawyers will help you with any legal matters your business faces.
In this article, we will explain why every business needs a legal representative and give some examples of the duties they fulfill.
Entity Formation
One situation when your business definitely needs the skills and expertise of a business lawyer is when you are looking to form a new entity. Forming a new corporate entity with the wrong type of structure for your business and goals is a common problem that many businesses have. The consequences of making a mistake during this process can be so costly to fix and if not handled by the right expert, it can cause issues for years to come and can potentially affect your organization’s future. With business an experienced business lawyer, you can put your best foot forward when applying for licenses or approvals, as no necessary regulations will be inadvertently violated since they know the permissions required to get the right things going for your business.
Compliance & Tax Issues
Compliance and tax issues are a huge thing for every business. In order to keep the government happy, and keep yourself out of prison, your business will have to comply with a lot of regulations. A lot of the time such regulations can be very difficult to understand which can make them extremely stressful. A business lawyer will have years of training and experience in compliance and tax issues and so will be able to help you understand the matter & handle it in the quickest and most effective way possible, as well as letting you know what to do when similar problems arise in the future.
Employment Issues
Employment is a vital aspect of any business; and if not done properly, things can go downhill pretty fast for your organization. With that in mind, having a business lawyer can save you from so much headache regarding labor contracts, at-work policies and so on. Furthermore; advice on hiring or firing decisions based on experiences & actual work effectiveness, as well as having the best plans possible for your employees are all very helpful in the recruitment process.
To Protect Your Business from Lawsuits
It is very important to have a lawyer to represent you in any legal disputes with your employees or customers. Personal injury lawyers are specialized in dealing with cases of workplace injuries and one Personal injury attorney in Norcross explained that it is important that businesses have their own lawyers to stop disgruntled employees from taking advantage of the situation. Whilst an injured employee certainly has every right to claim compensation, if you are not properly protected, you could end up paying out far more than you need to.
Mergers & Acquisitions
Mergers and acquisitions take very careful planning and the execution can cause a lot of legal issues.There are so many things to think about when you are preparing to buy out a competitor, or joining forces with another business – and at that point, a business attorney might be your best resource. Contracts & sale negotiations can be handled effectively, with your best interest & the future matters which may arise in consideration.
Risk Management
A business lawyer can help you to understand business risks to make sure you don’t make bad decisions. As Mark Zuckerberg had said, “The biggest risk is not taking any risk”, but that does not mean throwing caution to the wind and making ill-considered decisions when it comes to your business. These need to be calculated-risks, and whether you are a new company or even an established organization, the benefit of having a business lawyer with experience in monitoring and minimizing risks is unmatched. Whilst it may seem expensive to bring a business lawyer in, your investment will pay dividends in every step of your business.
Successful business owners are great at running their business, but that does not mean that they know about all the laws required to operate their business in an optimal way. With a professional business lawyer on your side, you can be confident in the fact that every piece of the puzzle will be in its right place. Your business at that point will be smooth sailing, leaving you with a peace of mind.
